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The market is currently experiencing an enormous pullback after nearly a month of continuous gains. According to Coingecko, the broader crypto market is down nearly 3% as major cryptocurrencies like Bitcoin, Ethereum, and XRP drop from year-to-date highs. As the sector cools down, altcoins are pulled downward.
Synthetix is one of the sufferers of the massive bearish pressure engulfing the market. Coingecko data shows that the token is bleeding, with the biggest drop occurring in the weekly timeframe at over 16%.
Big Things Coming For Synthetix
Although SNX isn’t faring well within the market environment, the Synthetix dev team is hot on its tracks to remain competitive within the world of crypto.
Last week, Synthetix announced on X that they are nearing the launch of the Andromeda Release on their mainnet and the Ethereum Mainnet.
Andromeda Release is the implementation of the Perps V3 which, according to their recent blog post, is focused on enhancing trading efficiency, usability, and resilience on the network. It will also add new features like Native Cross-Margining, Expanded Collateral Options, MEV-Resistant Liquidation Process, and many more.
Synthetix Perps V3 is set to launch with the Andromeda Release on Base, soon to be followed by an Ethereum Mainnet version for medium to whale traders and protocols like @ethena_labs! 👇https://t.co/72QmySbAfb
Check out the TLDR and read the blog post to learn more.
– Perps V3… pic.twitter.com/YbsFjj0Hnt— Synthetix ⚔️ (@synthetix_io) December 15, 2023
The biggest add-on from the update is the deployment of Core V3 and Perps V3 on the Ethereum mainnet.
“The Core V3 + Perps V3 release on Ethereum Mainnet represents a significant evolution for Synthetix, targeting medium to large traders and protocols in need of perps on L1,” the Synthetix team said in their blog post.
SNX market cap currently at $1 billion. Chart: TradingView.com
More Pain On The Crypto Front?
Disregarding the positive internal news for SNX, the market has other plans for the token. As of writing, the bears are coming out strong, wrestling SNX bulls on the $3.59 price level. If the bears are successful in solidifying their gains, more pain could be in store for traders and investors.
However, the upcoming implementation of Perps V3 might be able to offset this as it focuses on medium to large-scale whales to become active on the platform, thus driving more throughput to the network; but investors and traders shouldn’t disregard the broader market before making a decision.
Right now, the market is entering its cool-down phase with cryptocurrencies reverting to more sustainable price levels. For SNX, that level is around the $3.287 price point. Once the bears hit this level, the bulls will be able to regain some ground, stabilizing the price on this level in preparation for a bigger breakout.
Featured image from Shutterstock
